Annual_Budget_1988_001 - Laserfiche WebLink

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y� �--�—� �� 13 � � i � d � �� Q Ci i I c, � c� o�G�. � 1988 BUDGET OVERVIEW SECTION I Estimated Assessed Valuation � The estimated assessed valuation for � is $331,014,160. This is a decrease valuation of $338,306,518. �1�SJ�%C�� 1988, as of July 15, 1987, of $7,292,358 from the 1987 This decrease is due to a legislative change which, in effect, '� reduces the assessable value of homes in Roseville. That change increased the portion of the first assessable tier from $65,000 e� to $68,000, and dropped the percent subject to assessment from 18 percent to 17 percent. Additionally, the amount over $68,000 is now assessed at 27 percent versus 28 percent. ' These changes accounted for nearly $8 million of lost assessable value in the residential classification, but was offset somewhat by some additional new construction to create the net assessment loss of $7.2 million. (See the following page for an illustra- tion of this change with respect to an individual property.) nditures. Levies. and Mill Rate The total 1988 proposed budget is $15,043,761. This is an increase of $1,039,090, or 7.4 percent over 1987. Tax levy requirements to finance this budget are $5,000,000, for an increase of $211,187, or 4.41 percent. Based on the estimated assessed valuation and levy requirement, the mill rate for 1988 will be 15.105, compared to 14.192 mills in 1987 and 13.58 mills in 1986. It is expected that this tax levy amount will be within the levy limitation for 1988 based on our understanding of the levy limit calculation process. The 1988 Budget will result in a$6.88, or 2.90 percent, decrease in the taxes on an average home in Roseville. Taxes on a $100,000 home will remain at the 1987 level. These results are based on the new tax levy requirement and the new assessed valua- tion of the homes. The full Estimated Market Value (EMV) has been used since 1982 to determine the assessed valuation. The EMV used to compute the 1988 tax decrease on the average valued home is based on preliminary figures from Ramsey County. The folowing table shows what the average homeowner in Roseville might expect to happen with the City's portion of the tax bill. ii